Buzzing Stocks: Adani Power, Tata Technologies, ITC, SBI, HDFC Bank, SJVN, others in news

Results on January 29: ITC, Bajaj Finance, NTPC, GAIL (India), Bharat Petroleum Corporation, Vodafone Idea, Aditya Birla Sun Life AMC, Adani Green Energy, Marico, Bharat Electronics, CSB Bank, Jaiprakash Power Ventures, Latent View Analytics, Mahindra Logistics, Muthoot Microfin, Nippon Life India Asset Management, Nuvoco Vistas Corporation, Piramal Enterprises, Petronet LNG, Restaurant Brands Asia, R R Kabel, and UTI Asset Management Company will be in focus ahead of declaring their quarterly earnings on January 29.

Adani Enterprises: AdaniConnex (ACX), a joint venture of the company, has signed a contract with Adani Power to acquire a 100 percent equity stake in two wholly owned subsidiaries of Adani Power – Aviceda Infra Park for Rs 190 crore and Innovant Buildwell for Rs 350 crore. Both transactions are expected to be completed by March 31, 2024.

Tata Technologies: The global engineering services company has registered 14.7 percent year-on-year growth in consolidated profit at Rs 170.22 crore for the quarter ended December FY24. Revenue from operations also grew by 14.7 percent to Rs 1,289.5 crore compared to the year-ago period, while in US dollar terms, total operating revenues increased 13.4 percent YoY to $154.8 million. The services segment revenues were up 8.3 percent YoY at $120.2 million, and the same in constant currency grew 5.8 percent YoY.

Adani Power: The Adani Group company has recorded a more than 300-fold jump in consolidated net profit to Rs 2,738 crore for the quarter ended December FY24, compared to Rs 8.8 crore in the year-ago period, backed by healthy topline and operating numbers. Consolidated revenue from operations grew by 67.3 percent year-on-year to Rs 12,991.4 crore, with power sale volume rising 82 percent YoY to 21.5 billion units (BU) in Q3 FY24 due to improved power demand and larger installed capacity. Meanwhile, Shailesh Sawa resigned as Chief Financial Officer of the company. Dilip Kumar Jha will assume the role of the CFO with effect from April 1.

DLF: The real estate major has entered into an agreement with the bond holder (Standard Chartered Bank, Singapore Branch, DB International (Asia), Singapore, and Deutsche Investments India). As per the agreement, the company will purchase the bonds at a negotiated consideration of Rs 825 crore and assume the rights of the bond holder. The company, directly or through its affiliates, intends to acquire overall rights and interest in a land parcel of 29 acres (identified land) with an estimated development potential of up to 7.5 million square feet after following due process of law. Out of the identified land, 25 acres of land form part of the mortgaged land.

HDFC Bank: The Reserve Bank of India (RBI) has given its approval to Life Insurance Corporation of India for acquiring up to 9.99 percent of HDFC Bank. LIC has been advised by the RBI to acquire the aforesaid major shareholding in HDFC Bank within a period of one year, i.e., by January 24, 2025.

Mahindra Logistics: The logistics solutions provider has inaugurated a 1 lakh square foot extension to its existing multi-client warehouse in Nashik and also announced the development of a new 3 lakh square foot warehousing facility. As a result, the company expanded its overall warehousing footprint to 5 lakh square feet in Nashik, Maharashtra. The new facility is scheduled to become operational by the end of Q3-2024.

State Bank of India: The State Bank of India has removed Religare Finvest’s record, reported by it as fraud, from the Central Fraud Registry database. The Delhi High Court, on December 18, last year, directed SBI to remove the fraud tag. In March 2023, Religare Finvest, a wholly owned subsidiary of Religare Enterprises, completed a one-time settlement with 16 lenders through organic collections. The company paid more than Rs 9,000 crore to the country’s banking system. Currently, Religare Finvest is awaiting the lifting of the corrective action plan (CAP) imposed by the Reserve Bank of India in January 2018.

One 97 Communications: London-headquartered Marshall Wace LLP’s owned hedge fund, Marshall Wace Investment Strategies (Eureka Fund), has bought 40,89,360 equity shares in the Paytm operator at an average price of Rs 753.75 per share, valued at Rs 308.2 crore. However, foreign portfolio investor BNP Paribas Arbitrage has bought 42,11,613 equity shares in Paytm at the same price, amounting to Rs 317.45 crore.

Indian Energy Exchange: The energy exchange has recorded 18.9 percent on-year growth in consolidated net profit at Rs 91.8 crore for the October–December period of FY24, with healthy growth in operating numbers. Consolidated revenue from operations for the quarter increased by 15 percent to Rs 115.3 crore compared to the same period last year.

Indiabulls Housing Finance: Plutus Wealth Management LLP has bought 50 lakh equity shares, or a 1 percent stake, in the housing finance company at an average price of Rs 195.74 per share. However, Surbhi Investments and Trading Company sold 43,72,900 shares in the company at an average price of Rs 195.88 per share.

PNB Housing Finance: Asia Opportunities V (Mauritius) has bought 2,56,50,006 equity shares, which is equivalent to 9.88 percent of paid-up equity, in the housing finance company at an average price of Rs 821 per share, amounting to Rs 2,106 crore. However, foreign portfolio investor Investment Opportunities V Pte Limited exited the company by selling the same number of shares at the same price.

AU Small Finance Bank: The small finance bank has registered a 4 percent on-year decline in net profit at Rs 375 crore for the quarter ended December FY24, impacted partly by a sharp jump in provisions for bad loans. Net interest income grew by 15 percent year-on-year to Rs 1,325 crore for the quarter, while other income jumped 52.5 percent YoY to Rs 449.7 crore, and pre-provision operating profit grew by 18 percent to Rs 657 crore during the quarter. The asset quality weakened with the gross NPA rising 7 bps QoQ to 1.98 percent and the net NPA up 8 bps to 0.68 percent for the quarter.

Olectra Greentech: The composite polymer insulators and electrical bus manufacturer has clocked 77.2 percent on-year growth in consolidated net profit at Rs 27.1 crore for the October-December period of FY24. Consolidated revenue from operations for the quarter increased by 33.4 percent to Rs 342.1 crore compared to the same period last fiscal.

APL Apollo Tubes: The structural steel tube manufacturer has registered a 2.2 percent on-year decline in net profit at Rs 165.5 crore for the October-December period of FY24, with revenue from operations falling 3.5 percent to Rs 4,177.8 crore for the quarter. EBITDA during the quarter increased by 2.5 percent to Rs 279.6 crore, and EBITDA per tonne rose 2.7 percent YoY to Rs 4,631.

Macrotech Developers: Real estate developer Lodha registered a consolidated net profit of Rs 503.3 crore for the quarter ended December FY24, growing 24.4 percent over a year-ago period on the back of healthy topline and operating numbers, but was impacted by an exceptional loss of Rs 104.9 crore. Revenue from operations grew by 65.2 percent year-on-year to Rs 2,930.6 crore, with pre-sales increasing 12 percent YoY to Rs 3,410 crore but collection declining 3 percent to Rs 2,590 crore during the quarter.

Piramal Enterprises: The company has entered into a share purchase agreement to sell its entire direct investment of a 20 percent stake held in Shriram Investment Holdings (formerly known as Shriram Investment Holdings) to Shriram Ownership Trust (SOT) for Rs 1,440 crore.

Jubilant Pharmova: Subsidiary Jubilant Pharma, Singapore (JPL) plans to sell its entire 25.8 percent stake in Sofie Biosciences Inc., USA, for aggregate proceeds of about $139.43 million. Of this, $113.63 million is expected to be received upon completion of the merger, while the receipt of the balance of $25.8 million is contingent upon the achievement of certain future milestones. JPL plans to use these proceeds to reduce leverage and for capex and other corporate purposes.

IRB Infrastructure Developers: The construction engineering company said the Arbitration Tribunal has granted the award in favor of Yedeshi Aurangabad Tollway (YATL), the project special purpose vehicle (SPV) in the arbitration proceedings against the National Highways Authority of India (NHAI). IRB will receive Rs 1,681 crore towards the compensation and is also entitled to receive further interest from the date of the award until the date of realization of the compensation as per the terms of the award.

Yes Bank: The private sector lender has registered a massive 349 percent year-on-year growth in net profit at Rs 231 crore for the October-December period of FY24, backed by a sharp fall in provisions for bad loans. Net interest income grew by 2.3 percent to Rs 2,017 crore for the quarter. Asset quality was stable, with gross non-performing assets (NPA) flat at 2 percent and net NPA at 0.9 percent compared to the previous quarter. The board approved the business transfer agreement for the transfer of investment banking and merchant banking businesses from Yes Securities (India) to Yes Bank. The effective date of the transfer will be January 1, 2024.

SJVN: The company has secured the full quoted capacity of a 100 MW solar power project through an eReverse Auction conducted by Gujarat Urja Vikas Nigam (GUVNL). The company successfully bagged the said project at Rs 2.54 per unit on a build-own-operate basis. This ground-mounted solar project will be developed by its wholly owned subsidiary, SJVN Green Energy, at a tentative cost of Rs 550 crore.

KFin Technologies: The financial services platform has recorded 25.2 percent on-year growth in consolidated net profit at Rs 66.8 crore for the quarter ended December FY24, with strong operating performance. Revenue from operations grew by 16.3 percent year-on-year to Rs 218.7 crore during the quarter. EBITDA for the quarter at Rs 97.9 crore increased by 21.3 percent compared to the year-ago period, and margin expanded by 190 basis points to 44.8 percent during the same period.

Lemon Tree Hotels: The company has signed a franchise agreement for an upcoming hotel in Motihari, Bihar, under the company’s brand, Lemon Tree Hotel. This hotel is expected to be operational in FY25. The company opened Keys Lite, the hotel property in Dapoli.

Strides Pharma Science: The pharma company said its step-down wholly owned subsidiary, Strides Pharma Global Pte Limited, Singapore, has received approval for pregabalin capsules from the United States Food and Drug Administration (USFDA). The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Lyrica capsules from Upjohn US. It is used in the treatment of fibromyalgia.

Cyient: The engineering and technology solutions company has registered a 17.4 percent sequential decline in consolidated profit at Rs 147.2 crore for the third quarter of FY24, impacted by tepid topline growth and a higher exceptional loss. Revenue from operations for the quarter grew by 2.4 percent to Rs 1,821.4 crore compared to the previous year.

Vedanta: The mining company has reported a 18.3 percent on-year decline in profit at Rs 2,013 crore for the third quarter of FY24 despite healthy operating numbers, impacted partly by finance costs. It had an exceptional gain of Rs 903 crore in Q3 FY23. Revenue from operations grew by 4.2 percent YoY to Rs 35,541 crore for the quarter.

SBI Cards and Payment Services: The credit card issuing company has recorded a 7.8 percent on-year growth in profit at Rs 549 crore for October–December FY24, partly impacted by higher impairments on financial instruments. Revenue from operations for the quarter surged 31.8 percent to Rs 4,622 crore compared to the year-ago period.

Zen Technologies: The company has recorded a strong 100.2 percent quarter-on-quarter growth in consolidated profit at Rs 30.6 crore for the quarter ended December FY24, driven by strong topline and operating numbers. Revenue from operations for the quarter grew by 50 percent to Rs 99.5 crore compared to the previous quarter. The board has given its approval for raising funds up to Rs 1,000 crore through qualified institution placement issues.

IFB Industries: The fine blanked components maker has reported consolidated net profit of Rs 17.5 crore for the quarter ended December FY24, against a net loss of Rs 1.14 crore in the corresponding period of the last fiscal. Revenue from operations grew by 16.2 percent year-on-year to Rs 1,160.8 crore during the quarter.

Dhanlaxmi Bank: The Reserve Bank of India has given its approval for extending the term of J. K. Shivan as Managing Director and CEO of Dhanlaxmi Bank until his successor assumes the office. Dhanlaxmi Bank has already submitted its application to the Reserve Bank of India with the names of the candidates seeking approval for the appointment of the new MD and CEO.

TIL: The board of directors has appointed Kanhaiya Gupta as the Chief Financial Officer of the company, with effect from January 25. The board also appointed Alok Kumar Tripathi and Ayan Banerjee as full-time directors of the company.

Shilpa Medicare: AGES, Austria, had conducted a Europe GMP inspection of the company’s unit 4, Jadcherla, in Telangana during January 22–26. This inspection has concluded with two minor observations. This unit is engaged in the manufacture, testing, and distribution of sterile injections, non-sterile tablets, and capsule-finished dosage forms in the US, Europe, and the rest of the world.

Oberoi Realty: The Mumbai-based real estate developer has appointed Nilesh Kushe as Executive Vice President, Construction, with effect from January 25. Basav Mukherjee has resigned from the post of Chief Executive Officer, Leisure Homes.

Sanghi Industries: The Adani Group company recorded a net loss of Rs 201.55 crore for the quarter ended December FY24, widening from a loss of Rs 144 crore in the same period last fiscal year, despite a healthy topline impacted by weak operating numbers and an exceptional loss. Revenue from operations for the quarter increased 41.4 percent to Rs 189.1 crore compared to the year-ago period.

Ashoka Buildcon: The company has emerged as the lowest bidder for the project of six lanings of Aurangabad to Bihar-Jharkhand Border (Chordaha), section of NH-2 in Bihar under Bharatmala on EPC mode. The bid value of the said project is Rs 520 crore.

Subex: The Reserve Bank of India has granted in-principle approval to Subex Account Aggregator Services, a wholly owned subsidiary of the company, for setting up the business of account aggregators. The validity of the in-principle approval is twelve months.

Shakti Pumps India: The water pumps and motors manufacturer has registered a 302 percent on-year growth in consolidated net profit at Rs 45.2 crore for the quarter ended December FY24. Revenue from operations for the quarter grew by 57.7 percent to Rs 495.6 crore compared to the corresponding period of the last fiscal.

Bandhan Bank: Marshall Wace Investment Strategies: Eureka Fund also bought 1,88,33,391 equity shares in the private sector lender at an average price of Rs 224.4 per share, amounting to Rs 422.62 crore. BNP Paribas Arbitrage offloaded 1,93,77,033 equity shares in the bank at the same price, valued at Rs 434.82 crore.

Manappuram Finance: Marshall Wace Investment Strategies Eureka Fund has picked 51,27,647 equity shares, which is equivalent to 0.6 percent of paid-up equity capital, in the company at an average price of Rs 174.55 per share. Europe-based financial services company Societe Generale sold 52,72,731 equity shares in the company at an average price of Rs 174.55 per share.

Ahluwalia Contracts: The construction company has received a project worth Rs 180 crore for the expansion of Max Smart Super Specialty Hospital, a unit of Gujarmal Modi Hospital and Research Center for Medical Sciences, in New Delhi.

Canara Bank: Hedge fund Marshall Wace Investment Strategies-Eureka Fund purchased 91,46,562 equity shares in the public sector lender at an average price of Rs 454.3 per share, amounting to Rs 415.5 crore. However, BNP Paribas Arbitrage sold 94,36,387 equity shares in the bank at the same price, valued at Rs 428.7 crore.

Maharashtra Seamless: The company has received 2 contracts with an aggregate basic value of Rs 116 crore from Indian Oil Corporation for the supply of seamless pipes.

Oriental Rail Infrastructure: Subsidiary Oriental Foundry has secured an order worth Rs 55.77 crore for the manufacture and supply of 122 (two rake) BOXNHL wagons and 02 brake vans from THDC India, a central PSU under the ownership of NTPC.

Cholamandalam Investment and Finance Company: The financial services company recorded net profit of Rs 876 crore for the October–December period of FY24, growing 28 percent over the year-ago period. Total income for the quarter increased by 49 percent YoY to Rs 5,019 crore. The aggregate disbursements in Q3 FY24 were at Rs 22,383 crore, growing 27 percent YoY, while vehicle finance disbursements grew by 18 percent, aided by a steady growth in used volumes. Loans against property businesses rose by 51 percent, and home loans grew by 48 percent, driven by branch expansion into Tier 3 and 4 locations.

Himatsingka Seide: The textile company has received approval from the board of directors to raise funds up to Rs 400 crore through the issuance of equity shares in one or more tranches. The firm will also invest up to Rs 16.45 crore in three special-purpose vehicles to fulfill the power requirements of green energy on a sustainable basis.

Sangam (India): Think India Opportunities Master Fund LP has bought 6 lakh equity shares in the company at an average price of Rs 449.99 per share and another 6 lakh shares at an average price of Rs 450 per share, which is equivalent to 2.38 percent of paid-up equity. However, Anand Rathi Global Finance sold 3 lakh shares at an average price of Rs 450.01 per share and 3 lakh shares at an average price of Rs 450.03 per share. Authum Investment & Infrastructure offloaded 3.75 lakh shares at an average price of Rs 451.58 per share.

DB Realty: Griffin Growth Fund VCC has bought 34,82,865 equity shares, which is equivalent to 0.7 percent of paid-up equity, via open market transactions, at an average price of Rs 253.05 per share. However, Trinity Opportunity Fund was the seller in this deal.

Qualitek Labs: The company is set to list its equity shares on the BSE SME on January 29. The issue price is Rs 100 per share. The stock will be in the trade-for-trade segment for 10 trading days.